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Global Automotive Market To Surpass $88 Bn By 2027

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As per the current;y unleashed survey report, the top five vendors in the automotive semiconductor market captured over 50 percent of the market share in 2023.

Global research firm IDC has now revealed in its latest survey report that the international automotive semiconductor market is now back on the correct track to move beyond $88 billion by the end of 2027. The growth in the industry will be spearheaded by the augmenting demand for high-performance computing (HPC) chips, graphics processing units (GPUs), radar chips, and laser sensors. The demand has also increased due to larger adoption of advanced driver assistance systems (ADAS), electric vehicles (EVs), and Internet of Vehicles (IoV), bringing new growth opportunities for the automotive semiconductor sector.

The research institute also predicted that as the value of semiconductors per vehicle continues to rise, semiconductor companies will become increasingly critical to the automotive supply chain. Global chip firms such as Infineon, NXP, STMicroelectronics, Texas Instruments (TI), and Renesas Electronics are investing heavily in developing solutions for next-generation microcontrollers, system on a chip (SoC), and high-resolution radars. 

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As per the current;y unleashed survey report, the top five vendors in the automotive semiconductor market captured over 50 percent of the market share in 2023. Infineon led the market with a share of 13.9 percent; it was followed by NXP and STMicroelectronics, holding a market share of 10.8 percent and 10.4 percent,  respectively; TI and Renesas Electronics also demonstrated strong performance, accounting for 8.6 percent and 6.8 percent, respectively, of the total share. 

The market growth is as follows:

• Through ongoing technological innovation, strategic acquisitions, robust supply systems, and close cooperation with automotive original equipment manufacturers (OEMs), Infineon consistently elevated its market position in the field of power electronics and advanced control systems, establishing itself as a leader in the power semiconductor market.

NXP possesses deep expertise in vehicle-to-everything (V2X) communication and security technologies and continually innovates and iterates. It is a frontrunner in this field as a supplier of comprehensive product solutions through close cooperation with automotive OEMs and Tier 1 suppliers.

STMicroelectronics offers innovative solutions for the automotive industry by virtue of its specialization in micro-electromechanical systems (MEMS) and power semiconductors.

TI, with a wide range of analog chips and embedded solutions, delivers product portfolios that meet customers’ needs. Meanwhile, it has a robust supply chain management and product quality management system to support it.

Renesas Electronics offers a comprehensive collection of microprocessors and SoCs to ensure functional safety and reliability. Meanwhile, it employs strategic acquisitions and cooperation to maintain its leading edge in the industry.

Adela Guo, Research Director at IDC Asia Pacific, “The common strengths of these leading semiconductor vendors include substantial R&D investment and strong technological leadership, comprehensive product portfolios, solid strategic partnerships, efficient global operations, as well as safe and reliable product perfo rmance. These features empower them to stay ahead of the competition and propel the sustainable development of the automotive sector towards electrification, networking, and intelligence.”

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